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Zion Oil & Gas Inc (ZNOG+5.31%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's ongoing exploration activities in Israel, specifically under the New Megiddo Valleys License 434, which covers approximately 75,000 acres. The license is valid until September 13, 2026, with potential extensions.
Zion Oil & Gas reported a net loss of $7.3 million for the year, compared to a net loss of $8 million in the previous year. The company's operations remain in the exploration stage with no revenue generated.
The report highlights the logistical and geopolitical challenges faced by the company, including the impact of the Israel-Hamas and Israel-Hezbollah conflicts on operations and crew logistics.
Zion's financial position shows cash and cash equivalents of $2.3 million as of December 31, 2024, with a working capital of $1.7 million. The company raised $16.3 million through its Dividend Reinvestment and Stock Purchase Plan during the year.
The company continues to navigate regulatory and environmental requirements in Israel, which could lead to increased costs and delays in its exploration activities.
The report also mentions the company's efforts to maintain and prepare its drilling rig and equipment for future operations, with anticipated progress in well completion and testing in the second quarter of 2025.
Zion Oil & Gas has no proven reserves and remains reliant on external financing to continue its exploration activities. The company plans to raise additional funds through equity offerings to support its operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Zion Oil & Gas Inc annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.